Operation snapshot. Landi Renzo SpA ( Landi ) has signed an agreement to purchase 100% of AEB SRL equity. Structure

Transcription

1 AEB Acquisition

2 Operation snapshot Structure Landi Renzo SpA ( Landi ) has signed an agreement to purchase 100% of AEB SRL equity Price The total enterpirse value is 34,5 million Financing The operation will be financed throught internal funds Time and steps Closing and payment completed on 1st july 2010 No antitrust approval required 2

3 The company at a glance Founded at the beginning of the 80 s and based near Reggio Emilia, Italy, The company concentrate its business on high technology applications in the field of lpg/cng cars, with the division AEB Alternative fuel Electronics World leader on electronics for gas applications The Group diversifies also in other activities: robotics (through division AEB Robotics), sound systems (18 Sound Solutions) and aquarium (Aquatronica) 3

4 Brands and products Electronic for Gas Sound Aquatronics & robotics Rest of the world Italy and Europe 4

5 The company sales breakdown 2009 Sales breakdown by business line Sales breakdown by geografical area 1% 1% 25% 31% 3% 16% 1% 73% 49% acquatronic gas robotics sound America SW Asia Europe Italy Rest of the World 2009 consolidate data Historically gas business represent 80%-90% of total revenues (87% in 2008) 5

6 Strategic rationales for the acquisition Integration on a core electronic component Strenghtening on after market segment Strengthening in South American market Easy integration in term of business model and product mix Technology synergies 6

7 Strategic rationales for the acquisition Integration on a core electronic component Landi Components LPG / CNG Reducers AEB Components Electronic Control Unit Vertical integration on core electronics components AEB is world leader on electronics products for control of gaseous applications Switch LPG / CNG Injectors 7

8 Strategic rationales for the acquisition Strenghtening on after market segment whith AEB the Landi group can improve his product mix on after market segment perfect fit and complement for Lovato kits for AM electronics products for a wide range of aplications OEM After Market After Market OEM 8

9 Strategic rationales for the acquisition Strengthening in South American market Commercial combined presence of Landi and AEB AEB America headquarter Landi s subsidiaries Synergies with Landi s subsidiaries in South America located in Brasil and Venezuela Latin America is a market with large potential in particular for After Market segment AEB America is based in Argentina, the 2nd largest market in the world for CNG 9

10 Strategic rationales for the acquisition Easy integration in term of business model and product mix The same business model based on produchion of value added components in house Landi produces internally hi tech injectors and ECUs and outsources less value added components AEB produces internally most value added ECUs AEB is historically one of the most important and strategic supplier of Landi and Lovato synergies in South America thanks to the AEB local branch Technology synergies Landi acquires high profile technicians AEB knowhow; Landi acquires knowhow, patents and technologies for actual and future development 10

11 Financial highlights Sales 60,1 50,1 77,1 27,6 Ebitda 21,5 14,4 26,6 0,4 % of sales 36% 29% 35% 1% Ebit 20, ,1-0,7 % of sales 34% 26% 33% -3% Net profit 11,8 7,3 16,4-1,2 % of sales 20% 15% 21% -4% Total fixed asset 1,8 2,5 3,6 4,6 Net working capital 17,1 19,4 27,5 19,5 % of sales 28% 39% 36% 71% Other liabilities 1,1 1,1 0,9 0,8 Total invested capital 17,8 20,8 30,2 23,3 Shareholder's equity 23,6 23,4 35,6 31,1 Net cash 5,8 3,2 5,4 7,8 Total sources 17,8 20,2 30,2 23,3 High profitable company besides 2009 highly affected by economic slump Very flexible cost structure High cash generation high liquid capital invested mainly represented by NWC very easy to sell Very strong financial structure 11

12 12 Annexes

13 Landi Renzo Company Profile Board of Directors Stefano Landi President Giovannina Domenichini Honorary President Claudio Carnevale - Executive Director Carlo Alberto Pedroni Executive Director Carlo Coluccio - Director Alessandro Ovi - Indip. Director Tomaso Tommasi di Vignano Indip. Director Top Managers President CEO Stefano Landi Claudio Carnevale Paolo Gagliardi CMS Daniele Ceccarini R&D Paolo Cilloni CFO Angelo Iori Purchasing & Prod. Director Pierpaolo Marziali M&A IR Gabriele Venturini Carlo A. Pedroni Supply Chain & Processes Dir. Foreign subsidaries Officer Shareholding Share Informations Investor Relations 33.82% 2.37% 4.71% 4.44% 54.67% Girefin S.p.A. Gireimm S.r.l. UBS AG UBS EFM Market N. of shares outstanding: Price as of 1/07/10: 3,00 Market Cap: 337,5 m FTSE Italia STAR Investor Relations Contacts: Andrea Crespi / Pierpaolo Marziali Tel: investorrelationslandi.it@landi.it 13

14 Disclaimer This presentation has been prepared by Landi Renzo S.p.A. for information purposes only and for use in presentations of the Group s results and strategies. For further details on the Landi Renzo Group, reference should be made to publicly available information, including the Quarterly Reports and the Annual Reports. Statements contained in this presentation, particularly the ones regarding any Landi Renzo possible or assumed future performance, are or may be forward looking statements and in this respect they involve some risks and uncertainties. Any reference to past performance of the Landi Renzo shall not be taken as an indication of future performance. This document does not constitute an offer or invitation to purchase or subscribe for any shares and no part of it shall form the basis of or be relied upon in connection with any contract or commitment whatsoever. By attending the presentation you agree to be bound by the foregoing terms. 14